Bitcoin Forum

I have this recent problem encountered in gambling using cryptocurrencies.
I deposited some cryptocurrency in an exchange, last few weeks I started to use Ripple just for gambling since when I will use the XRP, the transaction fee for transferring it to some wallet is cheap and denomination of XRP is small or cheap also.

I already won, almost x10 my starting XRP capital last few weeks. But, tragedy happens on XRP, it really dropped too hard last week which resulted almost 50% of its value.

Anyone also encountered this or any advice for this kind problem?

You lost in value in USD but not on XRP.  It’s quite sad and angry for me. 
In other side, that are one consequence if you buy XRP so you’ll deal for XRP however.
You already make multiple be 10X in XRP but you got 50%/5X on value USD.
Hard to decision hold or sell your XRP for lately news about XRP.
You can choose one;
-Sell all your XRP now and get 5X profits.
-Hold XRP if you believe XRP will be good soon.
-Sell half XRP/hold for other.
-Sell XRP with value for your capital back, and you get free XRP.
You are on good profit, but now is your time to decision how much you want to get.

Well you cannot have the same value especially if the coins your are using are dumping. Gambling site may computed as USD but your total holdings with XRP should still the basis of the value of your account. Anyway, i did try to gamble using XRP before but decided to focus more on Bitcoin since not all gambling site are accepting XRP.

If that is my case, honestly, I will sell my XRP as it seems that problem with SEC will not go away anytime sooner.
So the price drop will still continue. And you have no idea, if they can rectify their situation sooner.
You mentioned you already made good profit out of it. But unfortunately, the value of XRP is down in the market.
Compare it with the USD value from where you started, and maybe you can come up with a better decision before it is too late.
But if you feel that you can wait longer, and hoping that one day, it will go up again, then stick to XRP.

Well, it happens to all of us who are gambling with cryptocurrencies. We may win in terms of the crypto we use but lose in terms of its fiat price and vice versa.

The sad thing about the specific cryptocurrency you use is that it is falling down really really hard. It is currently into a serious legal battle right now. The end of which may not really be in sight. For now, I am not using XRP for gambling. But if I were you, I'd just stick to my XRP regardless of its price decline.

I hope you are not gambling with XRP in huge amounts, though. We cannot tell when the price will bounce back. But at least you're accumulating more XRP.

I think it should depend on how you would judge the current state of XRP in the market. I usually just pull out my gambling money every one or two days when the network is light on fees, and mostly just let them sit on stable coins or just directly convert them to fiat so I can avoid issues like that. Idrk much about what's happening in the XRP market so I can't really judge what you should do though. From the other comments, it seems like there are some issues with legality or something, so my guess would be to judge it from there and see whether they're winning or losing.

You still on the positive side right? not that much because we all know what happens to XRP lately.

If I'm in your shoes, I would exchange my XRP to other crypto and then start playing again. You can't do anything about the debacle that XRP is facing now, it's beyond our control. As gamblers, we mitigate so that we can continue our gambling activity.

Hello guys. Don't really focus on the Ripple or blame. XRP is the only I used to deposit in the gambling platform, it may happen too on some altcoins, I was in bad timing only.
I think to avoid this kind of problem is to used some stable coins once you already deposited the fund in the gambling platform.
Is there any alternative for some online casino that accepts some stable coins? I checked Stake and PrimeDice, they don't accept stable coins.

See what you have described here is the biggest flaw of cryptocurrencies and their Gambling. Now since the price if bitcoins is rising, people traded XRP for BTC , if that makes sense. Most of the times people encounter this problems every once in a while and the only solution is keeping up with the market. The moment you see the price might go down and is going down , you have to act fast and transfer and encash. If you wait too long , you would have to ultimately wait for a while to get the same value in USD. You actually didn't loose anything here, you have not encashed right now, you have to wait for the price to become stable again.

Again let me state a very common statement**You never loose anything as long as you don't encash**

I do think you have already read about the predictions for XRP 2021 , apparently people are saying it can hit 30$.

-Don't encash keep them there and if needed transfer them to a wallet.
- Wait for the price to get stabilized

Using cryptocurrencies in gambling has also a risk while using this. Okay, you don't want to blame XRP and that is right, even bitcoin or other altcoins would do the same experience if there is a tragedy happen to like a sudden drop in price. We know that cryptocurrency is very volatile.

The comment above was right, you may lose the value of USD but the XRP is not. If you will believe that XRP will raise up again, just hold your XRP. In this case, when XRP will strike to pump again, for sure you will have a doubled profit.

XRP is in a bad spot right now, but don't lose hope. My advice for OP is to hodl which is obvious, the price drops seems to be artificial because it is conveniently coinciding with the litigation of the SEC. This happened to other companies back then, a bad PR did result in price drop but I think that it will definitely bounce back, one that I can remember back then was Chipotle having been accused causing a stomach problems.

It is really a bad timing for XRP users. I also use XRP when transferring money from my wallet to any platform and vice-versa. I think it is one of the risks cryptocurrency users have to face. Value in dollars may change at any time due to market volatility. Nobody knows where the SEC news lead XRP, will it continue to go down and completely get delisted in any platforms and be gone permanently in the market.

This has also happened with many times and to this the perfect solution will be choosing a stable coin.
Stable coin’s price doesn’t fluctuate too much and for that it won’t matter a lot when it time to sell it.
Moreover earlier i used to make my Bets with BTC and ETH, but recently as the price of these coins are in roller coaster, i have dropped the idea from Gambling to Trading.
Moreover if you cannot get a stable coin, then try for FIAT Gambling.
Hope this helps you OP.

We should accept that such situations make our altcoin dropped, and we can't do anything to anticipate because that will be related to the current crypto market situations. Perhaps, we can hold that altcoin until the price can back increase, but we don't know when it will rise again. That happened to many altcoins, and not just for XRP because the market will always move whenever bitcoin moves. The price of the altcoin will be back to the high price, and you should not worry about that. And holding will be the best thing that you can do instead to convert it into bitcoin or another altcoin.

The solution I use for this problem is hedging Bitcoin (in your case Ripple) in Bitmex. I'm doing it when I see arbitrages in crypto <> fiat sportsbooks.

Pros: The fiat value is "guaranteed".

Cons:

- Fees to enter and exit the hedge position unless you are the marker maker.
- The need for double bankroll: 1/2 for betting 1/2 hedging without leverage.

Cheers

Yups , I had a very Bad decision recently when i converted My Ethereum to XRP (ripple) since the Price of ETH grows high and XRP is cheaper so as i usually put my funds in exchange for faster sending in gambling site i usually played.

But this happens,I bought XRP at 40 cents and above and suddenly fell down to almost half a value,Lucky that i bought in cheaper than yours but still harder to accept ,So now i try to gamble in Sites in Which let me Play using XRP and not converted into USD ,to maintain my XRP and continue playing.

though i really Played in Roobet but they are not accepting XRP so what i only use to gamble there is my Campaign payments while waiting for what happen in XRP later.

sad to here this Mate But nothing you can do now but move on and convert XRP to other coins ,consider this as early losses in your bets ,Maybe Luck will be on yours and make a double Win to cover the value that XRP fails you.
Or the Last Option is ,Pause gambling activity for Now ,since I believe XRP will recover anytime soon,
But of course the Eagerness to play will be your enemy here.

i also use an xrp before because its great for gambling purpose and after im done gambling or win some i then withdrew and convert my xrp to fiat so i havent encountered any problems gambling with xrp .

xrp is like any other crypto before that also experience a drop but the im okay with that and drop that happens on xrp before isnt huge as when compared to to today or to the time where xrp reported to have a major problem with Securities and Exchange Commission but im lucky that i havent been gambling lately and your unlucky you got caught out during those issues happened .

Just like you, I am also using XRP while gambling because of its lower transaction fee.
This is not a big problem of yours, that is normal because you ate using a cryptocurrency which is normal for volatility, you just lost the amount in USD but not the amount of XRP so there is no problem with that, just keep on holding it for a long time and wait for it to pump again. At least you have the great amount of XRP that you have won in gambling.

You have just had bad luck in choosing not a really good currency based on my opinion as it was created by banks if I am not wrong.If you were looking for cheap transaction fees there is Litecoin which has had a good run recently and nowadays I use Exodus wallet to exhange my bitcoin to litecoin before depositing them to some casino or before depositing to a cashout service like Cex.io as the transactions are also faster this way.I lose a bit in the exchange process but it is something I accept for the other benefits.

First of all gambling should be for fun and not for growing your account. If you want to track your gambling results you need to choose what currency you want to grow (XRP or USD in your case). If you are betting with XRP you are obviously exposed to the price volatility inherent to cryptocurrencies.

As a tip. Some online casinos offer you the option to exchange your crypto to another one. This way you can play with a crypto that is more promising in the long term like BTC. ;) Just my 2 cents though.

Unfortunately I also deposited xrp last week when xrp was into its high price, re withdraw in my wallet after winning some decent profit and then become deficit when suddenly drops. The usd/xrp value of course affected. Sell off my xrp around .25 usd and it's as if I don't won and just get back my capital in gambling.

It's the problem we most encountered as a gambler and the fact that I panicked because of the issue and thought it wont bounce up again so I sell if off together with my profits in gambling.

I had similiar problems when I gambled with alt coins. The problem here is really that if we leave the funds too long in the casino that the can be huge swings in the crypto prices. Lately I prefer sites where I can just deposit money via cryptos and then have it based in USD on the exchange and when doing the withdrawl I can choose if I want FIAT currency, Bitcoins or Alt coins. For the casino it doesn't really matter which withdrawal option I choose since they will just buy it directly in the market. And for me I can take the one that has the best options right now.

if you have made your xrp to 10x from the initial deposit then you don't need to worry too much about the xrp price dropping, you can still use it to continue gambling which is of course with good money management while waiting for the xrp price to go up again.

well this is a well known risk of betting with cryptocoins and I am pretty sure in the past the opposite problem has literally crashed a pair of valuable sites. Better way to avoid this is bet with FIAT money.
However since you have already made a x10 you are enough lucky to recover from the drop of price....

a similar problem was related also with bitcoin and high txs fees. This has been discussed several times... my personal opinion was "ok" for betting even with high tx fees (no account needed....)

At least, you can have many amounts of XRP from your winning, and if the price can increase more after this, your profit will be bigger, and who knows, your profit will be bigger than your initial money. So in this matter, you better hold your XRP and send it into your other wallets, so you do not use it again for gambling. It is better to take a rest for a while from gambling after winning the gambling games.

Well that's not an issue to everybody so better if you want to play on certain coins listed better to watch the market condition so that you will not worry to lose some value and bitcoin is the one who's doing a great job now so maybe stick with bitcoins for the meantime while XRP still struggling to hit his best shot these days. But if you can risk then maybe its still good to play since I believe the current state of XRP is temporary only and we can see it pump up again.